TORONTO, Dec. 20 /CNW/ - Archangel Diamond Corporation (TSX-VEN - AAD) (herein, "AAD" or "Company") today announced that it has successfully arranged a private placement financing of C$ 3,000,000 through issuance of an additional 30 million common shares at C$ 0.10 per share. Cencan S.A., a wholly owned subsidiary of De Beers S.A., has purchased 28 million of such shares. The balance has been purchased by other investors identified by the Company. In addition, Cencan S.A has purchased 17.3 million common shares of the Company from Task Holdings Limited. The result is that Cencan S.A.'s total investment in the Company represents approximately 64% of the total issued share capital. Mr. Gary Ralfe has been appointed as Chairman and a Director, Mr. Ray Clarke as President, Chief Executive Officer and Director and Mr. David Massola as Chief Financial Officer and Secretary of the Company. Mr. Michael Farmiloe and Mr. Robert Shirriff have been appointed as non-executive directors of the company. Mr Lamont Gordon and Mr Clive Hartz remain as non- executive directors of the company. The Company's corporate offices are located in Toronto at the address shown above.
On behalf of Archangel Diamond Corporation David W. Massola CFO and Secretary
The TSX Venture Exchange has neither approved nor disapproved the contents of this news release.
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